Acciona Sa · BME:ANA
Acciona Sa — 9M 2017 Earnings Presentation
20 slides from Acciona Sa's earnings presentation, Nov 8, 2017
Slide 1: 9M 2017 Results Presentation, 8th November 2017
8th November 2017
Slide 2: Disclaimer
| Disclaimer jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the first nine months of 2017 (9M 2017). Therefore it cannot be disclosed or made public by any person or entity with an aim other
Slide 3: Key highlights
| Key highlights = EBITDA up 8%, on track to meet full year targets = Significant growth in Ordinary Net Profit — Largely driven by operational performance and lower financial expenses = Intense investment activity and working capital drive higher Net Debt figure — Confident in continuing to improve
Slide 4: 9M 2017 key figures
| 9M 2017 key figures Revenues EBITDA Ordinary EBT Ordinary Net Profit Gross Capex Net Investment Cash-flow' Net Financial Debt 9M 2017 (€m) 5,333 907 256 157 9M 2017 (€m) 669 645 5,695 % Chg. vs 9M 2016 +23.3% +7.9% +33.0% +35.2% 9M 2016 (€m) 745 595 5,426 ™ Net Investment Cash-flow is equivalent t
Slide 5: Group: Capex by division
| Group: Capex by division Capex breakdown Key highlights (Welle ue) Jan-Sep 16 “epee Jan-Sep 17 Energy 387 300 Infrastructure 298 299 Construction 179 271 Water 98 19 Service 21 9 Other Activities 61 71 Gross capex 745 669 Divestments -40 =i} Net capex 705 656 Net Investment cashflow 595 645 Energy
Slide 6: Net debt by division
31-Dec-16 30-Sep-17 (Million Euro) Corporate Debt Cash + Net debt "P . Project Debt Gross debt . allocation C. Equiv. Hi Corporate Energy 4,294 2,996 1,423 4,419 -365 4,054 Infrastructure -16 1,176 519 1,695 -983 712 Construction -65 957 407 1,364 -699 665 Water 21 72 104 276 -256 20 us Dollar Other
Slide 7: Group: Net debt evolution
| Group: Net debt evolution Net debt reconciliation 9M 2017 (€m) 458. 128 cmd => Net Investment CF Financing/Others CF Net debt EBITDA Financial results Working, Other Gross Divestment Other Derivatives Forex Dividends Perimeter changes Net debt Dec 2016 capital operating CF Capex investment CF & ot
Slide 8: Group: Debt & liquidity
ACCIONA 9M Results presentation 8 | Group: Debt & liquidity Maturity profile of Group gross debt 3.81% 364 Dec 2016 Sep 2017 147 ie 283 : Average maturity (years) = 404 mam 1,022 631 : 61 | 218 583 va7 421 362 49 430 178 248 : : : 7 43 95 40 [ae 2017 2018 2019 2020) eet ace 22023 verg. matur. undraw
Slide 9: Energy: Key figures
| Energy: Key figures jacciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Sep16 Jan-Sep17 Chg. Chg. (%) 534 21 524 Revenues 1,360 1275 -85 6.3% -31 EBITDA 534 524 -10 -1.9% Margin (%) 39.3% 41.1% 9M 2016 EBITDA —_ Generation AWP,Non- 9M 2017 EBITDA . . Generation & Capacity Production othe
Slide 10: Infrastructure: Construction
10| Infrastructure: Construction ACCIONA 9M Results presentation jjacciona Construction & Industrial: Key figures Concessions: Key figures (Million Euro) Jan-Sep16 Jan-Sep17 Chg. Chg. (%) (Million Euro) Jan-Sep16 Jan-Sep17 Chg. Chg. (%) Revenues 1,469 2,470 1,000 68.1% Revenues 7 108 31 40.2% EBITDA
Slide 11: Infrastructure: Water and Service
ACCIONA 9M Results presentation vil Infrastructure: Water and Service jjacciona Water: key figures Services: key figures (Million Euro) Jan-Sep16 Jan-Sep17 Chg. Chg. (%) (Million Euro) Jan-Sep16 Jan-Sep17 Chg. Chg. (%) Revenues 515 508 7 1.4% Revenues 501 552 51 10.1% EBITDA 92 92 0 0.2% EBITDA 20 2
Slide 12: Other activities
| Other activities Other activities: Key figures Key figures (Million Euro) Jan-Sep16 Jan-Sep17 Chg. Chg. (%) Trasmediterranea 340 333 7 2.0% Real Estate 68 99 31 45.3% Bestinver 60 71 n 18.6% Corp. & other 32 30 2 6.4% Revenues 500 533 33 6.6% Trasmediterranea 55 40 -16 -28.1% Real Estate 9 13 4 40
Slide 13: Trasmediterranea — Sale to Grupo Naviera Armas
ACCIONA 9M Results presentation 13| Trasmediterranea — Sale to Grupo Naviera Armas Gacciona = On 24 Oct 2017, ACCIONA agreed to sell its 92.7% stake in Trasmediterranea to Naviera Armas = Deal completion expected in ~ Q1 2018, subject to Spanish competition authority approval * Transaction implies E
Slide 14: Closing remarks
| Closing remarks Remain confident on FY 2017 outlook = Good overall performance across businesses — EBITDA up 8% = Lower financial charges = Investing for growth - disciplined approach = Net Debt - expect stable working capital, and disposal proceeds inflow Major strategic M&A transactions = Intens
Slide 15: Appendix
Appendix
Slide 16: Energy: Equity-accounted generation capacity
ACCIONA 9M Results presentation 16| Energy: Equity-accounted generation capacity Gacciona Detail of capacity accounted under the equity method Wind Spain 619 952 46 172 2005 Wind International 48 88 6 4 2005 Australia 32 59 4 2 2005 Hungary 12 19 2 2 2006 USA 4 10 0 0 2003 Solar PV 30 50 18 62 2008
Slide 17: Energy: 9M 2017 installations and WIP
ACCIONA 9M Results presentation 17| Energy: 9M 2017 installations and WIP Ascciona MW installed in 9M 2017 Wind India Bannur 75 9M 2017 Feed-in tariff + GBI (Generation Based Incentive) MW Under construction Wind Mexico El Cortijo 183 Q3 2018 13 years PPA with CFE Wind Australia Mt. Gellibrand 132 Q
Slide 18: Energy: Wind drivers by country
| Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) 9M 2017 9M 2016 Chg, (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 69.3* 23.0% 54.5 25.4% 27.1% Spain - Regulated 86.0 * 66.5 Spain - Not regulated 48.9 30.7 BST canada 56.6 26.7% 54.5
Slide 19: Infrastructure: Concessions
ACCIONA 9M Results presentation 19| Infrastructure: Concessions Gacciona # of concessions 13 2 1 1 6 55 78 Proportional EBITDA 9M 2017 (€m) 55 3 3 0 19 95 167 Consolidated EBITDA 9M 2017 (€m) 41 0 0 0 10 80 122 Average life (yrs) 33 27 30 30 28 26 30 Average consumedlife(yrs) nS a n Oo 2 Oo 8 a 1 "(
Slide 20: 8th November 2017
8th November 2017